HOSE Margin List Update: GDT Removed, 72 Stocks Ineligible

Overview

The Ho Chi Minh Stock Exchange (HOSE) updated its list of securities ineligible for margin trading as of September 10, 2026, removing GDT of CTCP Chế biến Gỗ Đức Thành and adding the fund certificate FUEPHVNS of Quỹ ETF PHFM VNSHINE. The change restores margin eligibility for GDT, a wood-processing stock on HOSE, after a prior tax-related restriction.

Key Facts

• HOSE published the updated margin-ineligible list on September 10, 2026, covering 72 securities.
• GDT of CTCP Chế biến Gỗ Đức Thành was removed from the list.
• FUEPHVNS of Quỹ ETF PHFM VNSHINE was added, with HOSE citing a listing period of under six months.
• GDT had previously been cut from margin eligibility after a tax authority conclusion that the company violated tax law.
• GDT closed at VND 15,800 on September 11, 2026.
• The 72-name list spans multiple exclusion reasons: under six months listed, warning/control/restricted status, negative audited or reviewed profit, and qualified audit opinions.
• Other named entries include APG (Chứng khoán APG), DGC (Tập đoàn Hóa chất Đức Giang), BMI (Bảo Minh), and DMX (Đầu tư Điện Máy Xanh).

What Happened

HOSE issued the September update to its margin-eligibility register, a routine but market-moving disclosure that determines which listed securities brokers may finance on margin. The exchange added the fund certificate FUEPHVNS, managed by Quỹ ETF PHFM VNSHINE, because its listing period remains under six months. In the opposite direction, HOSE removed GDT, the ticker of CTCP Chế biến Gỗ Đức Thành, from the ineligible list.

The removal reverses a restriction imposed after the company received a tax authority conclusion finding it in violation of tax law. The article does not state whether the underlying tax matter has been fully resolved, only that GDT no longer meets HOSE’s criteria for margin exclusion. The filing does not disclose any transaction value or the specific date the tax issue was closed. The list now totals 72 securities, with exclusion reasons ranging from short listing history to warning, control or restricted trading status, negative profit, and qualified audit opinions on reviewed or audited financial statements.

Market Context

GDT trades on HOSE and closed at VND 15,800 on September 11, 2026, the session after the list update. Margin eligibility matters for liquidity and demand in Vietnamese small- and mid-cap names, where leverage-driven flows can amplify moves. The wood-processing sector has faced external demand and input-cost pressure, and a tax-compliance overhang had added a governance discount. HOSE’s margin register is reviewed periodically, and inclusion or removal can shift broker risk limits and retail participation without any change in the company’s operating results.

Strategic Significance

For long-term holders, the removal from the margin-ineligible list is a governance signal rather than an earnings event. Margin eligibility widens the potential investor base to include leveraged accounts and can improve daily turnover, but it does not resolve the underlying tax finding or its potential financial liability. The key question is whether the tax matter is formally closed or merely no longer disqualifying under HOSE’s criteria. Investors should treat the change as a reduction in one specific trading friction, not as validation of Duc Thanh Wood’s fundamentals, which remain tied to export demand for wooden furniture and input costs.

What to Watch

• Any company disclosure on the resolution or final settlement of the tax authority conclusion.
• GDT’s next audited or reviewed financial statements for provisions or penalties tied to the tax matter.
• HOSE’s next periodic margin-list update for confirmation that GDT remains eligible.
• Trading volume and foreign-ownership data for GDT in the sessions following September 11, 2026.
• Broader HOSE margin-list revisions, given 72 securities remain ineligible.